2025-06-24T09:11:45-05:00 2024-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2024-01-01 390945701 COVANTAGE CREDIT UNION COVA 7156274336 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 MARY PRUTNY CHIEF FINANCIAL OFFICER 7156274336 2025-06-24 1 1 MICHAEL J PETERSON CPA P01833529 2187224705 2025-06-24 2024 2025-03-06 01:10:19Z CHARLES ZANAYED 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 343836106 0 2157 X WWW.COVANTAGECU.ORG X 1953 WI A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. 10 10 573 0 85500 0 1160000 0 156234450 181669244 32806664 52772006 5489 -60221 190206603 234381029 462351 762717 0 0 39310082 39994225 0 0 0 131218783 169381983 170991216 210138925 19215387 24242104 3537015111 3725346803 3234345199 3397650770 302669912 327696033 A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. 0 0 COVANTAGE HAS 171,890 MEMBERS, AND PASSES VALUE BACK TO THE MEMBERSHIP THROUGH HIGHER DEPOSIT RATES, LOWER LOAN RATES, AND MINIMAL FEES. AS OF DECEMBER 31, 2024, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 2.78% ON REGULAR SHARE ACCOUNTS WHEN MANY OTHER FINANCIALS CONTINUED TO KEEP THEIR RATES LOWER IN AN UNCERTAIN INTEREST RATE ENVIRONMENT. COVANTAGE IS ONE OF A FEW FINANCIAL INSTITUTIONS IN THE NATION THAT DO NOT CHARGE NSF OR OVERDRAFT FEES ON CHECKING ACCOUNTS WHICH SAVES OUR MEMBERS OVER 8 MILLION DOLLARS ANNUALLY. COVANTAGE REWARDED MEMBERS WITH AN ADDITIONAL $6,976,426 IN PATRONAGE PAYMENTS IN 2024. COVANTAGE CONTINUES TO OFFER COST-FRIENDLY PRODUCTS TO OUR MEMBERS. WE NOT ONLY DO THIS THROUGH OUR COMPETITIVE RATES, BUT ALSO BY GOING ABOVE AND BEYOND TO HELP THOSE IN NEED. WE CONTINUE TO OFFER COST-FRIENDLY OPTIONS TO PAYDAY LENDERS SUCH AS KWIK CASH OVERDRAFT PROTECTION LOANS WITH NO SERVICE CHARGE OR TRANSFER FEE, COURTESY PAY CHECKING ACCOUNT SERVICES ALSO WITHOUT HEFTY FEES. COVANTAGE WELCOMES ALL REGARDLESS OF WEALTH AND MADE ALMOST 10,000 LOANS OF $5,000 OR LESS. THESE SMALL DOLLAR LOANS ARE NOT ABOUT PROFIT, BUT ABOUT SERVING OUR COMMUNITIES. COVANTAGE OFFERS FREE CREDIT SCORE TRACKING TO HELP OUR MEMBERS BUILD AND MONITOR CREDIT. FOR THOSE LOOKING FOR HOME OWNERSHIP, COVANTAGE ALSO OFFERED ITS COVANTAGE CREATES HOMES MORTGAGE PROGRAM TO HELP THOSE THAT MIGHT NEED ASSISTANCE WITH A DOWN PAYMENT OR NEEDED HOME REPAIRS. COVANTAGE ALSO STRIVES TO SUPPORT FINANCIAL LITERACY, INCLUDING PROVIDING GREENPATH CREDIT COUNSELING AS A FREE SERVICE TO OUR MEMBERS TO ASSIST WITH BUDGETING, UNDERSTANDING CREDIT REPORTS, MONEY MANAGEMENT, AND DEBT REPAYMENT. THIS FREE SERVICE SAVES MEMBERS $25-$50 PER MONTH THAT IS COMMONLY CHARGED BY OTHER CREDIT COUNSELING AGENCIES. IN ADDITION, COVANTAGE OFFERS COMMUNITY EDUCATION EVENTS AND PROMOTES FINANCIAL LITERACY TO STUDENTS THROUGH REALITY FAIRS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 108864 0 573 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X CHARLES ZANAYED PRESIDENTCEO 7156274336 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 DENNIS HALTINNER CHAIR 2.00 X X 11500 0 0 MICHAEL WINDBERG VICE CHAIR 2.00 X X 11500 0 0 WILLIS QUALHEIM TREASURER 2.00 X X 11500 0 0 LEE SILER SECRETARY 2.00 X X 11500 0 0 JULIE BERNDT DIRECTOR 2.00 X 11500 0 0 ANGIE CLOSE DIRECTOR 2.00 X 11500 0 0 SUSAN GITZLAFF DIRECTOR 2.00 X 11500 0 0 MATT KOLLING DIRECTOR 2.00 X 11500 0 0 PAUL PAYANT DIRECTOR 2.00 X 11500 0 0 EUGENE SHAWANO DIRECTOR 2.00 X 11500 0 0 CHARLES ZANAYED PRESIDENT 40.00 1.00 X 796005 0 50544 MARY PRUNTY CHIEF FINANCIAL OFFICER 40.00 X 273573 0 11908 STACY BOUCHE CHIEF MORTGAGE LENDING OFFICER 40.00 X 258437 0 22648 BRETT LEE EVP CHIEF RETAIL OFFICER 40.00 X 374272 0 44633 JOAN FARRELL SVP CHIEF RISK STR PA OFFICER 40.00 X 309624 0 48370 SEAN VAN HANDEL SVP CHIEF INFORMATION OFFICER 40.00 X 295994 0 44541 SHERRY AULIK SPECIAL PROJECTS OFFICER 40.00 X 548074 0 38396 PATRICK CURRAN VP DIGITAL SERVICES 40.00 X 218636 0 34779 CHERYL FANNING SVP RETAIL SALES SRV OPS 40.00 X 201367 0 32337 JANEL THOUNE SVP OF MARKETING AND MISSION 40.00 1.00 X 193517 0 38072 BRYAN EMERLING SVP BUILDINGS AND MARKETS 40.00 X 196894 0 25092 3781393 0 391320 54 0 1 0 INFOPRO 1325 S MAIN ST FON DU LAC WI 54935 INSURANCE MONITORING 3555657 JACK HENRY & ASSOCIATES INC PO BOX 609 MONET MO 65708 CORE SYSTEM SERVICES 2403532 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 CREDIT CARD PROCESSING 1896510 NATIONAL CREDIT UNION ADMINISTRATION PO BOX 969069 ST LOUIS MO 63197 REGULATORY GUIDANCE, AUDIT, AND INSURANC 1660270 NUSOURCE FINANCIAL INC 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 TECHNOLOGY SERVICES 1265044 73 INTEREST ON LOANS 522100 158960275 158960275 CREDIT AND DEBIT CARD INTERCHANGE 522200 15237276 15226416 10860 SERVICE FEES 522100 5052978 4978338 74640 CUNA INSURANCE INCOME 522100 1917878 1917878 SAFE DEPOSIT BOX RENT 522100 101037 101037 399800 399800 181669244 48978118 48978118 448744 508965 -60221 -60221 -60221 112382000 358000 108708730 237382 3673270 120618 3793888 3793888 234381029 181583744 85500 52711785 762717 2645549 27347607 1994701 5688309 2318059 422427 141998 3611428 1562816 3043890 6589712 3193946 514256 351824 31257326 6618142 446341 DIVIDENDS PAID ON MEMBE 86998906 PROVISION FOR LOAN LOSS 14368324 LOAN SERVICING EXPENSE 9479344 DUES AND SUBSCRIPTIONS 261570 519733 210138925 21824348 19425647 136042942 198961323 10272299 11103828 2810712056 2899281072 4499529 4257179 95776305 35379767 62719264 60396538 353314646 336868051 59778785 107371187 43177889 43628423 34673353 44053555 3537015111 3725346803 212320860 36367286 3533445 1775537 3018490894 3359507947 3234345199 3397650770 X 0 0 0 0 302669912 327696033 302669912 327696033 3537015111 3725346803 X 24242104 537977 246040 X 0 1 X 1 0 0 1 X 10092034 10092034 58123735 17793222 40330513 25827015 17572943 8254072 1733521 13602 1719919 60396538 SHARE DRAFTS 440836665 REGULAR SHARES 708495573 MONEY MARKET SHARES 775628337 SHARE CERTIFICATES 411069717 IRA/KEOGH ACCOUNTS 565034859 OTHER LIABILTIES 458442796 3359507947 X PART IV, LINE 2B: THE ORGANIZATION IS THE TRUSTEE OF CERTAIN MEMBER'S ESCROW FUNDS AND HAS FIDUCIARY RESPONSIBILITY FOR THE ADMINISTRATION AND DISTRIBUTION OF THESE FUNDS FOR MEMBERS OF THE ORGANIZATION. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 COVANTAGE CARES FOUNDATION INC 723 6TH AVENUE ANTIGO WI 54409 811056981 501(C)(3) 350000 0 GENERAL SUPPORT BOYS & GIRLS CLUB OF THE FOX VALLEY INC PO BOX 777 NEENAH WI 54957 391225709 501(C)(3) 25000 0 GENERAL SUPPORT MAKE-A-WISH WISCONSIN 200 E WASHINGTON ST STE 2F APPLETON WI 54911 391543541 501(C)(3) 15300 0 GENERAL SUPPORT WISCONSIN TIMBER RATTLERS PO BOX 7464 APPLETON WI 54912 853211037 15000 0 GENERAL SUPPORT WAUSAU EVENTS 407 GRANT ST WAUSAU WI 54403 391612386 501(C)(3) 12500 0 GENERAL SUPPORT ST MARY CATHOLIC SCHOOLS 1050 ZEPHYR DRIVE NEENAH WI 54956 391656963 501(C)(3) 10000 0 GENERAL SUPPORT BOYS & GIRLS CLUB OF THE WAUSAU AREA INC PO BOX 2386 WAUSAU WI 54402 391850386 501(C)(3) 10000 0 GENERAL SUPPORT ALZHEIMER'S ASSOCIATION PO BOX 97394 WASHINGTON DC 20077 133039601 501(C)(3) 8000 0 GENERAL SUPPORT SHANNON MARIE AND LOUIS PORTER SMITH FOUNDATION INC 673 PRAIRIE GRASS ROAD OREGON WI 53575 833963194 501(C)(3) 6750 0 GENERAL SUPPORT WOMEN'S FUND FOR THE FOX VALLEY REGION 4455 W LAWRENCE STREET APPLETON WI 54914 203096562 501(C)(3) 6500 0 GENERAL SUPPORT JO-VIN BASEBALL LLC DBA WISCONSIN RAPIDS RAFTERS BASEBALL 521 LINCOLN STREET WISCONSIN RAPIDS WI 54494 843725495 6000 0 GENERAL SUPPORT 9 2 PART I, LINE 2: THE ORGANIZATION MONITORS THE USE OF THEIR GRANT FUNDS CLOSELY. X X X 0 0 0 CHARLES ZANAYED PRESIDENT 730049 0 64246 0 1710 0 27036 0 23508 0 846549 0 0 0 SHERRY AULIK SPECIAL PROJECTS OFFICER 512271 0 34097 0 1706 0 19091 0 19305 0 586470 0 0 0 BRETT LEE EVP CHIEF RETAIL OFFICER 342513 0 31129 0 630 0 27600 0 17033 0 418905 0 0 0 JOAN FARRELL SVP CHIEF RISK STR PA OFFICER 280842 0 26010 0 2772 0 30500 0 17870 0 357994 0 0 0 SEAN VAN HANDEL SVP CHIEF INFORMATION OFFICER 270260 0 23928 0 1806 0 22731 0 21810 0 340535 0 0 0 MARY PRUNTY CHIEF FINANCIAL OFFICER 251854 0 21383 0 336 0 2227 0 9681 0 285481 0 0 0 STACY BOUCHE CHIEF MORTGAGE LENDING OFFICER 236652 0 20819 0 966 0 20711 0 1937 0 281085 0 0 0 PATRICK CURRAN VP DIGITAL SERVICES 199069 0 18603 0 964 0 17747 0 17032 0 253415 0 0 0 CHERYL FANNING SVP RETAIL SALES SRV OPS 181961 0 17684 0 1722 0 15325 0 17012 0 233704 0 0 0 JANEL THOUNE SVP OF MARKETING AND MISSION 175842 0 17089 0 586 0 16394 0 21678 0 231589 0 0 0 BRYAN EMERLING SVP BUILDINGS AND MARKETS 178518 0 16742 0 1634 0 13167 0 11925 0 221986 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 COVANTAGE CREDIT UNION IS OWNED AND OPERATED BY ITS 171,890 MEMBERS AND A VOLUNTEER BOARD OF DIRECTORS. A SAVINGS ACCOUNT WITH A MINIMAL $10 DEPOSIT MEETS THE REQUIREMENT OF BEING A MEMBER-OWNER JUST AS LONG AS THEY MEET ONE OF THE OTHER MEMBERSHIP REQUIREMENTS SUCH AS RESIDING IN THE CHARTERED AREA, A FAMILY MEMBER IS ALREADY A MEMBER, ARE A MEMBER OF SERVCO FS COOPERATIVE IN ANTIGO, OR ARE A STUDENT/ALUMNI OF A POST-SECONDARY SCHOOL IN MARATHON COUNTY, OR ANY PERSON THAT MAKES A DONATION TO THE COVANTAGE CARES FOUNDATION, INC. OR HAS A DONATION MADE IN THEIR NAME OR ON THEIR BEHALF, IN ANY AMOUNT OF $10.00 OR MORE. OUR MEMBER-OWNERS BENEFIT FROM BELONGING TO COVANTAGE THROUGH LOWER LOAN RATES, HIGHER SAVINGS RATES, FEWER FEES, IN ADDITION TO THE INTRODUCTION OF NEW PRODUCTS AND OTHER INCENTIVES. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS IS PRESENTED WITH A COPY OF FORM 990 AT A MONTHLY BOARD MEETING, WHICH ALLOWS THEM TO REVIEW IT PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES, IN ADDITION TO DIRECTORS AND CREDIT COMMITTEE MEMBERS. NO DIRECTOR IS ALLOWED TO BECOME AN EMPLOYEE, OR VICE-VERSA, WHILE EITHER EMPLOYED OR SERVICING ON THE BOARD, OR WITHIN ONE YEAR AFTER THEIR TERMINATION/ENDING OF BOARD TERM. IN REGARD TO LENDING, ALL EMPLOYEE LOANS ARE REVIEWED TO ENSURE NO CONFLICTS OF INTEREST HAVE OCCURRED WITHIN THE TRANSACTION. ANY POTENTIAL CONFLICTS ARE REPORTED TO THE BOARD FOR REVIEW. ANY POTENTIAL CONFLICTS ARE REVIEWED BY THE SVP OF COMMERCIAL LENDING AND THEN REPORTED TO THE BOARD OF DIRECTORS. SHOULD A CONFLICT OF INTEREST ARISE, IT WOULD BE ACTED UPON ON A CASE-BY-CASE MATTER, WITH APPROPRIATE REPERCUSSIONS TAKEN AS FOUND APPROPRIATE BY COVANTAGE CU. THE CONFLICT OF INTEREST POLICY IS ENFORCED CONSISTENTLY FROM YEAR TO YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION FOR OFFICERS INCLUDE UTILIZING THE CREDIT UNION'S COMPENSATION MANAGEMENT PROGRAM TO PERFORM AN ANNUAL MARKET ANALYSIS REVIEW BASED OFF OF DATA FROM COMPARABLE POSITIONS ACROSS ALL INDUSTRIES. THIS DATA IS USED TO CREATE A MARKET AVERAGE FOR EACH POSITION. THE MIDPOINT OF OUR PAYGRADE IS TARGETED TO BE COMPARABLE TO THAT MARKET AVERAGE. THE MARKET ANALYSIS REVIEW IS COMPLETED ANNUALLY, BEGINNING IN SEPTEMBER/OCTOBER. THE NEW SALARY AMOUNTS ARE THEN APPROVED BY THE BOARD IN NOVEMBER FOR THE UPCOMING YEAR. SALARIES ARE THEN ADJUSTED ON EACH INDIVIDUAL'S ANNUAL REVIEW DATE. FOR THOSE INDIVIDUALS LISTED, THIS PROCESS WAS LAST COMPLETED IN 2024 FOR THE 2025 CALENDAR YEAR. FORM 990, PART VI, SECTION C, LINE 19 COVANTAGE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, IN ADDITION TO ITS CONFLICT OF INTEREST POLICY, AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE BY VIEWING THE NCUA 5300 CALL REPORT OR BY OBTAINING AN ANNUAL STATEMENT BROCHURE AVAILABLE IN THE LOBBIES OF ALL BRANCHES. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 246,040. TRANSITION PROPERTIES LLC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 461713416 OWN AND MANAGE OTHER REAL ESTATE OWNED BY COVANTAGE CREDIT UNION. WI 1000231 3015677 COVANTAGE CREDIT UNION CUVANTA LLC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 871202501 PROVIDE TITLE AND OTHER SERVICES WI 0 1967680 COVANTAGE CREDIT UNION COVANTAGE CARES FOUNDATION INC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 811056981 PROVIDE FINANCIAL ASSISTANCE TO INDIVIDUALS & ORGANIZATIONS WI 501(C)(3) LINE 7 COVANTAGE CREDIT UNION 1 LANGLADE ABSTRACT & TITLE COMPANY INC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 PROVIDE TITLE SERVICES WI CUVANTA LLC C 667691 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 COVANTAGE CARES FOUNDATION INC B 350000 CASH